Product | Interest rate from | Comparison rate from | Upfront fee |
---|---|---|---|
New Car Loan (Variable) |
7.39% p.a. |
7.74% p.a.based on $30,000 |
$265.00 |
Secured Personal Loan (Variable) |
11.39% p.a. |
11.75% p.a.based on $30,000 |
$250.00 |
Unsecured Personal Loan (Variable) |
14.39% p.a. |
14.76% p.a.based on $10,000 |
$250.00 |
Secured Personal Loan
Own a car, property or have a solid amount of savings? Also looking for a personal loan? The Orange Credit Union secured personal loan may be right up your alley. In fact, customers with an asset to put against the loan can borrow anywhere from $2,000 and benefit from lower variable rates. Not only that, there is the option of loan terms up to 7 years and also the choice of making weekly, fortnightly or monthly repayments.
And if the ability to make extra repayments is what you are after, you can do exactly that. Plus, Orange Credit Union allows borrowers to access a redraw facility on their additional contributions whenever they like. You may also be pleased to know there is no early repayment penalty attached to this loan if you pay down your debt in full, ahead of time. Just be mindful though, there is an exit fee to consider and an application cost when you first sign up.
Unsecured Personal Loan
If you need an unsecured personal loan instead, where you don’t have to put up any assets as collateral, Orange Credit Union has that option too. While variable interest rates are higher, the benefit is you aren’t putting any of your personal belongings at risk if you default on the loan.
Like the secured personal loan, the unsecured option also allows borrowers to take out upwards of $2,000, make weekly, fortnightly or monthly payments, and make extra repayments and redraws. There is also no early repayment penalty but there is an upfront application cost.
There are also a few differences. For example, loan terms range from 2 to 6 years and there is no exit fee attached to this product.
Car Loan
For borrowers looking to buy a new car with a loan, the Orange Credit Union car loan is a solid option. It comes with competitively low rates as well as plenty of repayment flexibility. Like the above mentioned loans, customers can choose from a weekly, fortnightly or monthly repayment schedule and also make extra repayments and redraws if they wish to (without facing an early repayment fee).
It works similarly to the secured loan, as loan terms go up to 7 years and there is both an application and exit cost to consider. The difference is that the minimum loan amount is $15,000 and the vehicle you are purchasing must be used as security against the loan.
Regular repayment options: All Orange Credit Union personal loans give borrowers the choice of making weekly, fortnightly or monthly repayments.
Extra repayments: At no extra cost, Orange Credit Union personal loan customers can make additional contributions towards their loan if and whenever they like.
Redraw facility: Orange Credit Union also allows borrowers to redraw any extra repayments they have made across any of their personal loan products.
No early repayment penalty: Unlike some lenders, Orange Credit Union doesn’t slap personal loan customers with an early repayment penalty if they clear their entire debt ahead of time.
To be eligible for an Orange Credit Union personal loan you must be over the age of 18, an Australian citizen or permanent resident and live in Orange (NSW) or its surrounding districts. You can apply for this loan online or book an appointment for a call or in-branch meeting.
You will need the following on you when you apply:
Employment, income and living expenses information
Details of assets you have (land, house, contents, vehicles, savings, shares or super)
For existing customers: your Orange Credit Union Membership Number
For new customers: Your driver’s licence and your passport
Mozo users have rated Bank Orange personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
There are no cons associated with the Orange Credit Union. Everything about them as all pros. They are courteous, professional, helpful, friendly and work for the community. I have never had any problems with them and would recommend them to all and sundry. Their whole attitude to finance should make any of the "real" banks hang their heads in shame.
Read full reviewThere are no cons associated with the Orange Credit Union. Everything about them as all pros. They are courteous, professional, helpful, friendly and work for the community. I have never had any problems with them and would recommend them to all and sundry. Their whole attitude to finance should make any of the "real" banks hang their heads in shame.
This Credit Union is awesome. Nothing is any trouble and all the staff are really friendly and helpful.
Read full reviewThis Credit Union is awesome. Nothing is any trouble and all the staff are really friendly and helpful.
Our wedding would not have gone ahead without the personal loan from the OCU. It was approved in 3 working days and we were able to start planning and spending for our wedding day. The interest rate was competitive and the best thing i loved about it was you could watch and control everything from the secure internet banking site that the OCU has.
Read full reviewOur wedding would not have gone ahead without the personal loan from the OCU. It was approved in 3 working days and we were able to start planning and spending for our wedding day. The interest rate was competitive and the best thing i loved about it was you could watch and control everything from the secure internet banking site that the OCU has.
They were once great, but this year they have stuffed our loan repayments around so that we can never know when payment is due, when they are taking the money out, even how much we have left to pay on the loan. Our loan ends in september, and personally I cannot wait to close our account, and take our business with us elsewhere!
Read full reviewThey were once great, but this year they have stuffed our loan repayments around so that we can never know when payment is due, when they are taking the money out, even how much we have left to pay on the loan. Our loan ends in september, and personally I cannot wait to close our account, and take our business with us elsewhere!